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US Total Crude Oil Stocks Decline in Week Ended June 5

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US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week.

Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:35 am ET.

Stocks in the SPR decreased by 7.9 million in the week after falling by 8.0 million in the previous week.

Overall crude oil stocks were down 1.9% from the previous week and down 7.0% from a year earlier. Crude oil inventories are about 5% below the five-year average for this time of the year.

Gasoline stocks increased by 200,000 barrels, smaller than the 1.0-million-barrel increase expected. Gasoline stocks were up 0.1% from the previous week, but down 6.4% from a year earlier.

Distillate stocks declined by 200,000 barrels in the current week, compared with an expected increase of 171,000 barrels. Distillate stocks were down 0.2% from the previous week and 6.2% lower than in the same week a year ago.

Refineries operated at 95.3% of their capacity, up from 94.7% in the previous week.

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